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Euro-area data this week will probably reveal economic scars of the sovereign debt crisis confirming that the region is now suffering the longest recession since the single currency’s creation.
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Euro-area services and manufacturing output shrank for a 15th straight month in April and retail sales fell in March as the 17-nation economy struggled to emerge from recession.
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The European Central Bank won’t be able to unwind its expansive monetary policy without the support of the region’s governments, said Joerg Kraemer, chief economist at Commerzbank AG.
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Spain’s turn toward wage cuts to restore competitiveness without leaving the euro is starting to bear fruit. At least that’s how it seems for Pablo Garcia, a 34- year-old autoworker who just got hired after a year out of work.
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European Central Bank President Mario Draghi signaled policy makers are concerned that the euro’s strength will hamper their efforts to pull the economy out of recession.
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German growth slowed less than forecast in the third quarter and the French economy unexpectedly expanded.
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Commerzbank AG said it now expects the European Central Bank to lower its benchmark interest rate in the fourth quarter of 2011 and in the first three months of 2012 as the euro-region economy slides into a recession.
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Mario Monti, the university president appointed to run Italy at the height of Europe’s financial crisis 15 months ago, is getting the stamp of approval from investors betting that he and front-runner Pier-Luigi Bersani will block Silvio Berlusconi’s comeback.
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Mario Draghi’s bond-buying plan has become the European Central Bank’s weapon of choice to reduce interest rates even before it has been activated.
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When Jean-Claude Trichet retires on Oct. 31, the euro area may lose more than just a European Central Bank president.
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